Is SMH a good investment?

VanEck Semiconductor ETF (SMH) is a semiconductor ETF. As of September 11, 2026, ETF Copilot scores SMH 6.8 out of 10 — highest on Quality (10.0), lowest on Valuation (0.6). It trades at 40.2 times earnings, against its own median of 20.1. Its ten largest holdings are 72% of the fund.

Updated September 11, 2026

How is SMH rated? ETF Copilot scores VanEck Semiconductor ETF (SMH) 6.8 out of 10

As of September 11, 2026, ETF Copilot scores VanEck Semiconductor ETF (SMH) 6.8 out of 10 overall.

ETF Copilot scores (0–10 scale, higher is better):

Overall: 6.8 / 10
Growth: 9.6 / 10
Valuation: 0.6 / 10
Risk: 1.0 / 10
Quality: 10.0 / 10
Return: 10.0 / 10

What is SMH's expense ratio? 0.35% a year

As of September 11, 2026, SMH charges 0.35% a year, yields 0.68% and holds $71.1B in assets across 25 positions.

VanEck Semiconductor ETF (SMH) — cost, income and size
Measure	SMH
Expense ratio	0.35%
Dividend yield	0.68%
Assets under management	$71.1B
Holdings	25

Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.

What stands out in SMH's data

Global semiconductor firms, weighted by market value.

Earns more on its capital than the typical chip fund — a sign of real pricing power.

Return on invested capital of 35.8% sits ahead of most peers and above the category median of 30.4%. The trade-off: trailing EBITDA multiple of 30.2x, well above average.

A focused bet on the world's largest chipmakers, built for portfolios that want direct semiconductor exposure.

Why did SMH move this week? It rose 2.9% in the week to September 11, 2026 — Advanced Micro Devices and Marvell Technology drove it

SMH rose 2.9% in the week to September 11, 2026. The holdings that moved it most were Advanced Micro Devices (+13.1%), Marvell Technology (+13.1%) and Intel (+12.3%); Nvidia (−4.4%) pushed the other way.

Is SMH expensive right now? It trades at 40.2 times earnings, against its own median of 20.1

As of September 11, 2026, SMH is more expensive than 95% of its own 114 monthly readings since 2017 — 108 of those months were cheaper than today.

Trailing twelve-month, computed by ETF Copilot from the fund's holdings rather than quoted from a data provider, and rebuilt nightly.

What's inside SMH? 100% Tech

What's inside SMH: Size (Large 99%, Mid 1%, Small 0%); Geography (International 18%, US 82%); Tech 100.0%; Magnificent 7 22.4%; AI 51.2%; Semiconductors 96.2%; Memory 72.1%.

What are SMH's top holdings? The ten largest are 72% of the fund

Nvidia, Taiwan Semiconductor, Broadcom, Advanced Micro Devices, Micron Technology, ASML, Intel, Lam Research, Analog Devices and Texas Instruments are SMH's largest holdings, in that order.

More concentrated than 79% of Tech - Semiconductors ETFs.

Half of SMH's weight sits in its 6 largest positions, and once those weights are taken into account it behaves like 11 equally weighted holdings.

Cite this

ETF Copilot, “VanEck Semiconductor ETF (SMH) scores and holdings analysis”, as of September 11, 2026.
https://etf-copilot.com/etf/smh